TJX vs USMV: Correlation
TJX Companies (TJX) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TJX and USMV?
Over the past 3 years, TJX and USMV moved with a correlation of 0.43, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.23 versus 0.43 over 3 years. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 77.8 %².
Within TJX's tracked universe of 35 assets, USMV comes in at #15 by 3-year correlation. Over the last 12 months USMV came out ahead by 11.1 percentage points (-1.0% against +10.1%). Across three years, the rolling one-year figure varied moderately, from 0.32 to 0.77. Risk is not evenly split, since TJX carries 1.8 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
TJX vs USMV: side by side
| TJX (TJX Companies) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -1.0% | +10.1% |
| 5-year return | +98.2% | +42.3% |
| Volatility (ann.) | 18.3% | 9.9% |
| Beta vs S&P 500 | 0.45 | 0.51 |
| Max drawdown (3Y) | -20.1% | -9.4% |
| Market cap | $148.3B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 1.32% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Consumer Discretionary | ETF · US Style |
USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Year-by-year returns
| Year | TJX | USMV |
|---|---|---|
| 2022 | +6.7% | -9.4% |
| 2023 | +19.7% | +10.3% |
| 2024 | +30.6% | +15.7% |
| 2025 | +28.7% | +7.6% |
| 2026 | -11.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.94% of USMV is TJX itself, so the fund partly moves with the stock by construction.
Are TJX and USMV good diversifiers for each other?
Reasonably. At 0.43, TJX and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between TJX and USMV?
The TJX/USMV correlation stands at 0.43 on a 3-year window (1 year: 0.23, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for TJX?
Reasonably. At 0.43, TJX and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tjx-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tjx-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TJX correlations · USMV correlations
